Wachovia Corp. CEO prepares for a long haul

[NVMojo]

(don't tell me they didn't know a bubble was coming a few years ago ...)

CHARLOTTE, North Carolina (Reuters) - Ken Thompson, the chief executive of Wachovia Corp. (WB.N: Quote, Profile, Research), laughed when reminded that his Wikipedia entry ends with his leading his 1969 Rocky Mount (North Carolina) Blackhawks high school football team to a gaudy 4-6 record.

"My entire identity is tied up in my athletic exploits in high school," he said, pausing. "That's not true." More laughter. "I get a kick out of it."

He thinks a friend posted his football exploits as a goof.


Thompson hasn't been laughing as hard this year at the helm of the No. 4 U.S. bank.

For half a year, investors have rejected his argument that it made sense to pay $24.2 billion for a California-based mortgage specialist, Golden West Financial Corp., amid signs that the U.S. housing market was peaking made sense.

Then on October 16, Wachovia turned in disappointing third-quarter revenue figures amid interest-rate pressures.

more...

http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyID=2006-10-29T200014Z_01_N29448284_RTRIDST_0_BUSINESSPRO-FINANCIAL-WACHOVIA-DC.XML&from=business